±8,300 SF HANGAR & MANUFACTURING/PRODUCTION FACILITY FOR SALE AT FALCON FIELD AIRPORT
5015 E. Roadrunner Dr.,
|Price per SF||$75|
|Cap Rate if Leased at $0.75 NNN||12.0%|
The subject property is an industrial flex hangar building that backs up to the taxiway. This is a premium direct access lot that does not require going through the security fencing to get access to the building. The building is offered at $75/sf and a 12.0 proforma cap rate because it is on ground lease but the land at the airport is owned by the City of Mesa who does not have the typical motivation to reclaim the improvements at the end of the lease term. They are primarily interested in the income and having a robust business environment at the airport. This unique opportunity offers ground lease yields with reduced risk of reversion and likelihood of getting the lease extended, which they have done here as recently as 2014. The City has said they will do a new 40-year lease with the buyer. There are no real estate taxes on the property and the ground lease is probably less than what the taxes would be.
The previous tenant, AeroMaritime, is owned by Rolls Royce and this was their only service center in the United States for their popular Allison 250 series turboshaft engine. This business had operated here since 1998. AeroMaritime decided to cease operations in Arizona. It would make sense for another helicopter repair business to continue the operation here.
The building got a new roof in 2016 ($37,130) and both exteriors were remodeled in 2015 ($61,026).
A hangar building one parcel away sold in August 2020 for over $92/sf and the interior was in shell condition.